Reacting to the dismal GDP numbers, the Berkshire chairman and CEO told CNBC: "The economy is not booming, [but] on the other hand, it's not falling apart in any way shape or form, either."

Buffett said the American consumer is "doing pretty well," despite the consumer spending component of the GDP report showing an increase at an annual rate of only 1.9 percent, CNBC reported. That was the slowest advance since the first quarter of 2015, and a deceleration from the 2.4 percent growth rate logged in the fourth quarter.

"The consumer is in better shape than it was, so the world is not falling apart. But we're not seeing a lot of buoyancy either," Buffett said.

U.S. economic growth braked sharply in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a pick-up in activity is anticipated given a buoyant labor market, Reuters reported.

Gross domestic product increased at a 0.5 percent annual rate, the weakest since the first quarter of 2014, the Labor Department said on Thursday in its advance estimate. Growth was also held back by businesses stepping up efforts to reduce unwanted merchandise clogging up warehouses.

Cheap oil, which has pressured the profits of oil field companies like Schlumberger and Halliburton, remained a drag, sending business spending tumbling at its quickest pace since the second quarter of 2009, when the recession ended.

Almost all sectors of the economy weakened in the first quarter, with housing the lone star.

"The economy essentially stalled in the first quarter, but that doesn't mean it is faltering," said Newsmax Finance Insider Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "Some of the restraints to growth are dissipating. Growth is likely to accelerate going forward."